|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
AURANGABAD
ELECTRICALS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. B-7, MIDC,
Chakan, Village Mahalunge, Taluka Khed, Pune - 410501, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.09.1985 |
|
|
|
|
Com. Reg. No.: |
11-037539 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 114.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909PN1985PLC037539 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA04895C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA2867L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Auto Components which include Auto
Electricals, Aluminium Die Casting, Fasteners, etc. and also Power Generation
from Windmills. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4028000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of It is an established company having a satisfactory track record. There
appears some dip in the turnover and profitability of the company during
current year. However, networth of the company is satisfactory. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic product.
High imports of gold and oil led to a worsening of the trade deficit, resulting
in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in
the corresponding quarter of the previous financial year. The government aims
to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit : BBB |
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk |
|
Date |
September 4, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Bill Discounting : A3+ |
|
Rating Explanation |
Moderate degree of safety it carry higher
credit risk. |
|
Date |
September 4, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Pramod Jain |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-8308814638 91-2431-329710 |
|
Date : |
28.10.2013 |
LOCATIONS
|
Registered
Office / Factory 1 : |
Plot No. B-7, MIDC,
Chakan, Village Mahalunge, Taluka Khed, Pune - 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-259157/
251482/ 329705/ 310527 91-240-554422 |
|
Mobile No.: |
91-8308814638 (Mr. Pramod Jain) |
|
Fax No.: |
91-2135-280007/
251488-9 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate
Office / Factory 2 : |
Gut No. 65, Village-Chitegaon – 431105, Taluka-Paithan, District
Aurangabad, Maharashtra, India |
|
Tel. No.: |
91-2431-329705/ 10 |
|
Fax No.: |
91-2431-251488 |
|
|
|
|
Factory 3 : |
B-23, MIDC,
Waluj, |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Gat No. 120/122,
Village Pangara, Paithan Road, Chitegaon, Aurangabad-431105, Maharashtra,
India |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
M-135/136, MIDC,
Waluj, |
|
E-Mail : |
|
|
|
|
|
Factory 6 : |
At. Pimpalgaon,
Taluka Parner, District Ahemadnagar |
|
|
|
|
Factory 7 : |
Plot No. L6/1,
MIDC, Waluj, |
|
E-Mail : |
|
|
|
|
|
Factory 8 : |
Gat 104, Village
Pharola, Taluka Paithan, Aurngabad-431001, |
|
Tel. No.: |
91-2431-325030 |
|
Fax No.: |
91-2431-251142 |
|
|
|
|
Factory 9 : |
Plot No. 6 Sector 10, II E Pantnagar
Udhamsingh Nagar, Uttarakhand, India |
|
|
|
|
Factory 10: |
Gut. No.342/1/P of Village Pimpalgaon (Kawdya Dongar) Taluka
Parner District Ahmednagar, Maharashtra, India |
|
|
|
|
Factory 11: |
Plot No B-7, MIDC Chakan, Village Mahalunge, Taluka Khed,
District Pune, Maharashtra, India |
|
|
|
|
Business Development Department : |
203, The Chamber (Panchashil), Behind Giga Space 4/12/13 Vimannagar
Pune 411014 |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Rishikumar Rajnarayan Bagla |
|
Designation : |
Managing director |
|
Address : |
Gut No. 40, Golwadi,
Paithan Road, Aurangabad - 431005, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1959 |
|
Qualification : |
B. Com. (Honors) |
|
Experience : |
27 Years |
|
Date of Appointment : |
23.09.1985 |
|
PAN No.: |
AFRPB1406M |
|
DIN No.: |
00002020 |
|
|
|
|
Name : |
Mr. Raghavachary Kilambi |
|
Designation : |
Whole-time director |
|
Address : |
5052, Flat No.53,
H Block, 28th Street, Ponni Colony, Chennai – 600040, Tamilnadu,
India |
|
Date of Birth/Age : |
09.07.1946 |
|
Qualification : |
B.E. (Mech), M. Tech. |
|
Date of Appointment : |
10.07.2007 |
|
PAN No.: |
AEIPR3157H |
|
DIN No.: |
01587450 |
|
|
|
|
Name : |
Mrs. Mamta Bagla |
|
Designation : |
Director |
|
Address : |
Gut No. 40, Golwadi,
Paithan Road, Aurangabad - 431005, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1963 |
|
Qualification : |
Matriculation |
|
Date of Appointment : |
01.04.1994 |
|
PAN No.: |
AEUPB9878H |
|
DIN No.: |
00002031 |
|
|
|
|
Name : |
Mr. Muneesh Chawla |
|
Designation : |
Nominee director |
|
Address : |
A-702, Ambience
Island, NH – 8, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
04.01.1967 |
|
Qualification : |
B.TECH, MBA |
|
Date of Appointment : |
19.04.2006 |
|
DIN No.: |
00069360 |
|
|
|
|
Name : |
Mr. Navin Paul |
|
Designation : |
Director |
|
Address : |
666, 6th
Cross, III Block, Koramangala, |
|
Date of Birth/Age : |
24.10.1957 |
|
Qualification : |
B.E.(Mech), MBA |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00424944 |
|
|
|
|
Name : |
Mr. Anant Kandoi |
|
Designation : |
Director |
|
Address : |
House No. 244, N
– 3, Chikalthana, Aurangabad - 431003, Maharashtra, India |
|
Date of Birth/Age : |
16.02.1973 |
|
Qualification : |
B.Com, C.A. |
|
Date of Appointment : |
07.03.2007 |
|
DIN No.: |
01574768 |
|
|
|
|
Name : |
Mrs. Naina Krishna Murthy |
|
Designation : |
Director |
|
Address : |
Ansal Heights’, B
Wing, 7th Floor, Flat 702, Worli, Mumbai – 400018, Maharashtra,
India |
|
Date of Birth/Age : |
15.09.1971 |
|
Qualification : |
B.A. (Honors), LLB |
|
Date of Appointment : |
09.09.2011 |
|
DIN No.: |
01216114 |
|
|
|
|
Name : |
Mr. Ulhas Narayanrao Gaoli |
|
Designation : |
Director |
|
Address : |
Plot No.12/13,
Nisarg Mitra Society, Golwadi, CIDCO – 4, Paithan Road, Aurangabad – 431005,
Maharashtra, India |
|
Date of Birth/Age : |
02.08.1951 |
|
Qualification : |
B.A, M.P.A, PHD |
|
Date of Appointment : |
14.09.2011 |
|
DIN No.: |
00286833 |
KEY EXECUTIVES
|
Name : |
Prem Chand Agrawal |
|
Designation : |
Secretary |
|
Address : |
G-29, Raj
Apartments, Town Centre, CIDCO, Aurangabad – 431003, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1959 |
|
Date of Appointment : |
15.06.2004 |
|
PAN No.: |
AATPA5504G |
|
|
|
|
Name : |
Mr. Kundan K. Jha |
|
Designation : |
Group Chief Executive Officer |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.E. (Mech.) |
|
Experience : |
30 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Rishi Kumar Bagla |
|
1882500 |
|
Mamta Bagla |
|
390000 |
|
Rishi Kumar Bagla HUF |
|
180000 |
|
Devanshi Akshat Jain |
|
240000 |
|
Neha Aiyush Bhuwalka |
|
247500 |
|
Waluj Investment and Trading Company Private Limited, India |
|
1459500 |
|
Aurangabad Motor
Manufacturers Private Limited, India |
|
2475000 |
|
Deccan Carbon
Products Limited, India |
|
2005500 |
|
Blue River Capital I LLC, Mauritius |
|
2520000 |
|
|
|
|
|
Total |
|
11400000 |
AS ON 27.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
22.11 |
|
Bodies
corporate |
52.10 |
|
Directors
or relatives of directors |
25.79 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Auto Components which include Auto
Electricals, Aluminium Die Casting, Fasteners, etc. and also Power Generation
from Windmills. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
||||||||
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|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Automobile and Brake |
||||||||
|
Countries : |
· Germany · Italy |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
· China · US · Japan |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· The Saraswat Cooperative Bank Limited, Gajanan Maharaj Mandir Branch, Garkheda, Aurangabad - 431001, Maharashtra, India ·
Standard
Chartered Bank, 90, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra,
India · ING Vysya Bank Limited, H. No. 25 to 30 I Floor Nirala Bazaar, P.B. No. 9, Aurangabad - 431001, Maharashtra, India · IDBI Bank Limited, WTC Complex, IDBI Tower, Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
Indian Overseas Bank, Aurangabad Branch,
Aurangabad - 431003, Maharashtra, India ·
State
Bank of India, Industrial Finance Branch, Tara Chambers, Mumbai - Pune Road,
Wakdewadi, Pune - 411003, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R Batliboi and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar
[West], Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
Associates
: |
· BG LI-IN Electricals Limited [U31200MH1999PLC130298] · Aurangabad Wheels and Rims Private Limited [U34300PN2003PTC017753] |
|
|
|
|
Joint
venture : |
OMR Bagla Automotive Systems India Limited [U31904PN2006PLC128851] |
|
|
|
|
Enterprises
which are owned,
or have significant influence
of or are partners with
Key management personnel
and their relatives : |
· BG Appliances Private Limited [U31404PN1998PTC012536] · Aurangabad Motor Manufacturers Limited [U34300MH1991PLC061007] · Deccan Carbon Products Limited [U21098PN1991PLC060509] · Waluj Investments and Trading Company Private Limited [U67110PN1993PTC074896] · Manshi Electronics Private Limited [U51395MH2004PTC146495] · BMR Hvac Limited [U34300PN2007PLC131072] · Haryana Auto Comp Private Limited [U34300HR2006PTC036013] · Aurangabad Sales and Services |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
100,000 |
Preference Shares |
Re. 1/- each |
Rs. 0.100 Million |
|
|
Total |
|
Rs. 150.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,400,000 |
Equity Shares |
Rs. 10/- each |
Rs. 114.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
114.000 |
114.086 |
114.086 |
|
(b) Reserves & Surplus |
893.073 |
823.980 |
588.226 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1007.073 |
938.066 |
702.312 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
47.629 |
88.265 |
226.309 |
|
(b) Deferred tax liabilities (Net) |
25.695 |
28.898 |
31.325 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
9.825 |
6.870 |
10.156 |
|
Total
Non-current Liabilities (3) |
83.149 |
124.033 |
267.790 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
356.903 |
426.741 |
361.741 |
|
(b)
Trade payables |
919.462 |
869.758 |
821.690 |
|
(c)
Other current liabilities |
180.675 |
240.781 |
238.688 |
|
(d)
Short-term provisions |
204.448 |
75.118 |
32.528 |
|
Total
Current Liabilities (4) |
1661.488 |
1612.398 |
1454.647 |
|
|
|
|
|
|
TOTAL |
2751.710 |
2674.497 |
2424.749 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1249.003 |
1064.733 |
1056.087 |
|
(ii)
Intangible Assets |
3.224 |
2.619 |
5.079 |
|
(iii)
Capital work-in-progress |
3.440 |
1.306 |
6.382 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
173.643 |
173.643 |
173.643 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
56.427 |
53.252 |
57.958 |
|
(e)
Other Non-current assets |
16.052 |
31.312 |
18.010 |
|
Total
Non-Current Assets |
1501.789 |
1326.865 |
1317.159 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
386.458 |
401.307 |
313.309 |
|
(c)
Trade receivables |
775.879 |
861.215 |
689.745 |
|
(d)
Cash and cash equivalents |
8.800 |
10.943 |
22.371 |
|
(e)
Short-term loans and advances |
58.276 |
48.083 |
54.813 |
|
(f)
Other current assets |
20.508 |
26.084 |
27.352 |
|
Total
Current Assets |
1249.921 |
1347.632 |
1107.590 |
|
|
|
|
|
|
TOTAL |
2751.710 |
2674.497 |
2424.749 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6466.583 |
6656.692 |
5071.901 |
|
|
|
Other Income |
22.201 |
47.467 |
17.253 |
|
|
|
TOTAL (A) |
6488.784 |
6704.159 |
5089.154 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4476.477 |
4692.604 |
3491.613 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
7.073 |
(42.690) |
(12.150) |
|
|
|
Employee benefit expense |
375.021 |
305.987 |
264.102 |
|
|
|
Other expenses |
1146.570 |
1134.719 |
852.449 |
|
|
|
TOTAL (B) |
6005.141 |
6090.620 |
4596.014 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
483.643 |
613.539 |
493.140 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.767 |
70.995 |
95.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
434.876 |
542.544 |
397.327 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.736 |
137.978 |
202.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
304.140 |
404.566 |
194.863 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
76.709 |
129.064 |
59.622 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
227.431 |
275.502 |
135.241 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
361.836 |
153.718 |
28.447 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
22.743 |
27.550 |
0.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.086 |
0.000 |
|
|
|
Proposed dividend and tax thereon |
158.338 |
39.748 |
9.970 |
|
|
|
|
181.081 |
67.384 |
9.97 |
|
|
BALANCE CARRIED
TO THE B/S |
408.186 |
361.836 |
153.718 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
157.784 |
135.349 |
82.218 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
43.410 |
178.267 |
66.320 |
|
|
|
Stores & Spares |
26.134 |
10.936 |
10.993 |
|
|
|
Capital Goods |
101.974 |
59.600 |
53.234 |
|
|
TOTAL IMPORTS |
171.518 |
248.803 |
130.547 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.95 |
24.17 |
11.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.50
|
4.11 |
2.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.70
|
6.08 |
3.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.81
|
16.19 |
8.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.43 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40
|
0.55 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75
|
0.84 |
0.76 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
40.982 |
82.950 |
155.808 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10445451 |
28/08/2013 |
15,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
GAJANAN MAHARAJ
MANDIR BRANCH, GARKHEDA, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B83231274 |
|
2 |
10444541 |
22/08/2013 |
200,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
GAJANAN MAHARAJ MANDIR
BRANCH, GARKHEDA, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B82859349 |
|
3 |
10444546 |
21/08/2013 |
896,789,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
GAJANAN MAHARAJ
MANDIR BRANCH, GARKHEDA, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B82864869 |
|
4 |
10243378 |
15/03/2011 * |
11,789,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
AURANGABAD
BRANCH, MADHU SHILP, PLOT NO. 6, C/2, TOWN CENTRE NEAR CIDCO BUS STAND,
CIDCO, AURANGABAD - 431001, MAHARASHTRA, INDIA |
B10323970 |
|
5 |
10203785 |
08/06/2010 * |
180,000,000.00 |
IDBI BANK
LIMITED |
IDBI BANK LTD,
WTC COMPLEX, IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A87404463 |
|
6 |
10107012 |
16/06/2008 |
50,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
CIDCO, AURANGABAD
- 431003, MAHARASHTRA, INDIA |
A39885942 |
|
7 |
10111583 |
15/03/2011 * |
160,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
AURANGABAD
BRANCH, MADHU SHILP, PLOT NO. 6, C/2, TOWN CENTRE NEAR CIDCO BUS STAND, CIDCO,
AURANGABAD - 431001, MAHARASHTRA, INDIA |
B10323772 |
|
8 |
10107013 |
06/06/2008 |
60,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
CIDCO,
AURANGABAD - 431003, MAHARASHTRA, INDIA |
A39886163 |
|
9 |
10031103 |
30/12/2006 |
10,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
OPPOSITE GAJANAN
MAHARAJ MANDIR, GARKHEDA AREA, AURANGABAD - 431105, MAHARASHTRA, INDIA |
A08875395 |
|
10 |
10031121 |
30/12/2006 |
10,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
OPPOSITE GAJANAN
MAHARAJ MANDIR, GARKHEDA AREA, AURANGABAD - 431105, MAHARASHTRA, INDIA |
A08875536 |
|
11 |
10031104 |
30/12/2006 |
80,000,000.00 |
THE SARASWAT
COOPERATIVE BANK LIMITED |
OPPOSITE GAJANAN
MAHARAJ MANDIR, GARKHEDA AREA, AURANGABAD - 431105, MAHARASHTRA, INDIA |
A08875429 |
|
12 |
10020468 |
20/03/2012 * |
70,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, TARA CHAMBERS, MUMBAI - PUNE ROAD, WAKDEWADI, PUNE - 411003,
MAHARASHTRA, INDIA |
B36933133 |
* Date of charge modification
FINANCIAL HIGHLIGHTS:
Motorcycle growth in India has slackened considerably. After growing at over 24% in FY2010 and FY2011, it reduced to 13.7% in FY2012, and fell to a mere 0.1% growth in FY2013. Sales of motorcycles in India increased from 11.94 million units in 2011-12 to 11.95 million units in 2012-13 representing a growth of 0.1% only. Sales of motorcycles of Bajaj Auto Limited, the major customer, has declined from 3.83 million units in 2011-12 to 3.76 million units in 2012-13, representing a decline of 2% (Sales in Domestic market declined by 4% and in Export market increased by 2%). During the year, the Company’s EBITDA decreased by 16% to Rs. 542.600 Millions against Rs. 647.700 Millions in the previous year. Profit after Tax also reduced by 17% to Rs. 227.400 Millions in the year against Rs. 275.500 Millions in the previous year.
The Society of Indian Automobile Manufacturers (SIAM) has projected a 6-8% growth for two wheelers during the Financial Year 2013-14. The growth in the sales of the Company is largely coming from the growth in the motorcycle market and expansion of product offering by the Company.
In addition, the Company has also received new orders from
other customers including overseas customers. The Company is continuing its
efforts to add new customers, expand product offerings and achieve continuous
reduction in operating cost through TPM.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided for. |
111.163 |
152.916 |
|
Contingent Liabilities not provided for: |
|
|
|
The Company has imported
Capital Goods under the Export Promotion Capital Goods Scheme of the
Government of India, at concessional rates of duty on an undertaking to
fulfill quantified exports against which Minimum Export obligation to be
fulfilled by the Company under the said scheme, by March 31, 2013 has been
fulfilled. Non fulfilment of the balance of such future obligations in the
manner required, if any, entails options / rights to the Government to
confiscate capital goods imported under the said licenses and other penalties
under the above-referred scheme. |
17.726 |
175.510 |
|
Claims against the Company not acknowledged as debts: |
|
|
|
The Company has
filed appeals against the following demands (including penalty in some of the
cases) from various government departments and have not provided for in the
books. |
|
|
|
Income Tax |
27.225 |
33.491 |
|
Excise duty and Service tax |
48.132 |
14.638 |
|
Sales Tax |
66.215 |
35.300 |
|
ESIC |
-- |
0.712 |
|
Provident fund |
0.373 |
0.236 |
|
The Management
does not expect these claims to succeed. Accordingly, no provision for the
contingent liabilities has been recognized in the financial statements. |
||
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Know-how
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.63 |
|
|
1 |
Rs. 99.94 |
|
Euro |
1 |
Rs. 85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.